The World Trade Organization (WTO) is an international organization with over 100 member nations, established in 1995 and headquartered in Geneva, Switzerland. The purpose of the WTO is to provide a venue for negotiating international trade agreements and then to enforce these global rules of international trade with disputes.
A case of point such as bananas and the European Union. The EU restricted banana imports to bananas from a few countries that were former EU colonies. As a result, the price paid for bananas in European markets was about twice the price of bananas in the US. The largest firms such as Dole, Chiquita, and Del Monte in the US complained that they were being harmed because their bananas, which came from other nations of central and south America, were excluded from the EU system, which favored a few former colonies The WTO ruled that the EU restrictions on banana imoports were harmful and against the rules of trade to which all nations had agreed. This is but one example of the role of the WTO in promoting fair and free international trade. However, such motivational ruling is up to the readers to interpret as you would see fit.
Blessings to each and everyone during Yuletide holidays.
Francis Shieh aka Xie Shihao, a student of the Law of Comparative Advantage to the fullest extent in my way of thinking on Monday, December 21, 2009 at 3 .03 p.m.
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